SHIB INU Remains Under Pressure

Shib Inu is moving towards the support level at Rs 0.000530.

 

Shib Inu Continues To Pull Back After The Recent Upside Move

Shiba Inu moved down below Rs 0.000600 and is heading towards the support at Rs 0.000530 while the crypto market remains under pressure after Bitcoin’s failure to settle above the key resistance level at Rs 30,50,000.

Bitcoin has recently made an attempt to settle above the key resistance at Rs 30,50,000 but lost momentum and pulled back towards the support at Rs 28,50,000. In a similar fashion, other cryptocurrencies were also under pressure. Ethereum declined towards the support level at Rs 1,75,000.

Dogecoin, which has a material impact on Shiba Inu dynamically, moved to the support level at Rs 23. Dogecoin’s RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum if it continues the same way. If Dogecoin settles below Rs 23, it will head towards the support at Rs 22.25 which will be a bearish sign for Shiba Inu too.

Shiba Inu has recently managed to settle below the support at Rs 0.000600 and is trying to get to the test of the next support level at Rs 0.000530. In case Shiba Inu manages to settle below this level, it will head towards the support at Rs 0.000500. A move below Rs 0.000500 will open the way to the test of the support at Rs 0.000465.

On the upside, Shiba Inu needs to get back above Rs 0.000700 to have a chance to gain upside momentum in the near term. The next resistance level is located at Rs 0.000800. This resistance level has already been tested several times in June and proved its strength.

In case Shiba Inu settles above Rs 0.000800, it will gain additional upside momentum and head towards the next resistance which is located at Rs 0.000950.

From a big picture point of view, the recent attempt to gain upside momentum faced significant resistance at Rs 0.000700, which is a worrisome development for the bulls.  The technical picture for Dogecoin does not look good, which is another bearish factor for Shiba Inu. At this point, it looks that Shiba Inu will need additional upside catalysts to get back to the upside mode.

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